We called up Goldman's London-based media relations team to see if they would comment on the latest promotions round at the firm (promotion season is said to be in full swing). They must have all been busy trying to make partner, as nobody called back.
This is no joke. If you are a City trader who works in investment banking, and are willing to pose nude in a calendar for charity, we know some people who want to hear from you!
UBS posted strong second-quarter earnings Tuesday, but warned that tougher times may lay ahead.
The smart money says that we've had the best of 2006 already. After a record first half for most of the industry, investment banks are likely to see a significant slowdown in third and fourth-quarter earnings, as trading volumes drop off, securities offerings fall away, and the pedal comes off the gas in US M&A.
A New Jersey postman has pleaded guilty to leaking grand jury information concerning a probe into Bristol-Myers Squibb to two former Goldman Sachs employees, who are alleged to have been the masterminds behind an insider-trading plot.
43 year-old private banker Stephen Troth was HSBC's main man in Monaco. But around $22m of celebrity client monies vanished a few years back and Troth was fingered and subsequently sentenced to four-and-a-half years in the clink. He served the first part of his jail term in Monaco and was then transferred to do the rest of his time in Nice. As, under French law, the maximum sentence for his offenses is three years, he was released last December. Then his troubles began once again.
As part of Robert Rubin's 1999 Citigroup employment contract, he was allowed unlimited access, free of charge, to company aircraft for personal use. Well, that's all changed.
Reuters reports that India's financial markets regulator has suspended Credit Suisse First Boston (India) Securities Pvt. Ltd for one month for failures to 'observe the code of conduct' relating to trades undertaken some 6 years ago. The suspension will take effect from 31st August.
The Times reports that 'beleaguered' German bank WestLB looks set to cut 'several hundred' more staff, most likely in Asia and South America, as it comes to terms with first-half losses of £252.7m after further loan provisions. The bank posted a £1.2bn pre-tax loss in 2002. More job cuts in Germany are also thought to be on the cards.
The Wall Street Journal's 'Bids & Offers' column reported earlier this week that Credit Suisse is investigating one of its equity sales guys, who is alleged to have e-mailed hedge fund clients a trading note that is said to have included 'provocative pictures of women and se.ually suggestive puns'. Some folks never learn!